We see physical retail to be at an inflexion point. The negative stance and under-management is creating opportunities for the experienced manager. Furthermore, the empirical evidence shows that physical retail is alive with more store openings than closures. In our view there are six retail formats that are resilient to e-commerce and changing consumer expectations resulting in, opportunities across an uneven European landscape where markets sit at different stages of the cycle.

The attached paper sets out these viewpoints and looks at where we see investment arbitrage in the market for retailers and investors alike.